You would also like to take out a loan to purchase a building and some...
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You would also like to take out a loan to purchase a building and some equipment to organize your own kitchen. You can get a 4.5% interest rate, and need 20 years to repay the loan. You have a budget with a monthly payment of $1,500. Use the PV function to find the loan amount (the present value) you can afford.
NOTE:
a. Create a new worksheet PV and make calculation there. Enter Loan Conditions in cell B2, Interest rate in B5, Length of Loan in B6, Payment in B7, Loan in B8, and enter formulas in column C. Format each number accordingly i.e. Interest rate %, Loan USD, with commas to 2 decimal places. Create outside border from B5:C8.
b. Refer to your textbook, Chapter 6 pp. E6-386-387 to get more information on the PV function.
c. The worksheets should be ordered in this sequence: Expenses, Cash Budget, Orders, Discount, PV.
Your completed Excel worksheet must be posted to your Mahara portfolio webpage with the title Preparing cash budget and planning activities through Portfolio Project 2 in Moodle.
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